Somewhere in between travel lockdowns and more chaos at airports and hotels in the last two years, people have become more confident about travelling. And as the Covid-19 pandemic finally recedes, the travel tech startups have bounced back and how.
After drawing in an investment of $30 million in a Series C round last year despite the Covid blues, Barcelona-based multi-day package tours specialist Exoticca has raised €20 million in funding.
Despite Covid, the company claims to have managed to grow sales at an average compounded growth rate of over 100% per year since 2015 and expects to close 2022 with €120 million in revenues. It sells trips to over 60 destinations worldwide to travellers in seven markets: U.S., Canada, U.K., France, Germany, Spain and Mexico.
The round was led by Claret Capital Partners and Sabadell Venture Capital and brings the total capital raised by the company to date to €66 million.
Focusing on digitisation of multi-day tour packages to enable the online sale of complex trips with multiple components, including flights, hotels, transfers, activities, etc., the startup aims to provide a frictionless purchasing experience while guaranteeing prices through a combination of disintermediation and automation. The platform also offers customer support in the destination with real-time monitoring of the travellers’ experience.
The extra cash in the wallet will be used to accelerate organic growth with a focus on North America and make inroads into Latin America. The platform also plans to grow through acquisitions in near future. The company recently launched a B2B vertical to provide traditional brick-and-mortar travel agencies with technology and competitive travel products.
Pere Vallès, Exoticca’s CEO said: “Travel is back and we believe that this is the right time to invest in order to build the digital category leader in the multi-day tour package space. The new capital will enable us to accelerate our growth plans by increasing our investment in technology and product.”